Electromagnetic Geoservices ASA Logo

Electromagnetic Geoservices ASA

ISIN: NO0010358484 | Ticker: EMGS | LEI: 5967007LIEEXZXI7OG55
Sector: EnergySub-Industry: Oil & Gas Equipment & Services
Country: Norway

About Electromagnetic Geoservices ASA

Company Description

EMGS was in 2002 the first company to successfully apply marine CSEM technology to the search for hydrocarbons. Since then, the Company have successfully commercialised the technology and turned it into an effective, environmentally benign exploration method that can significantly increase drilling success rates.

EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company’s services enable the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.

Year founded

2002

Served area

Worldwide

Headquarters

Karenslyst Alle 4, 0278 Oslo – Norway

Financial statements

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Line item in (usd) 01.01.2020 01.01.2021 01.01.2022 01.01.2023
Assets N/A 54,269,000.00 40,162,000.00 42,681,000.00
Noncurrent Assets N/A 27,911,000.00 20,121,000.00 18,439,000.00
Construction In Progress N/A 3,000.00 3,000.00 3,000.00
Other Intangible Assets N/A 939,000.00 422,000.00 106,000.00
Other Noncurrent Receivables N/A N/A 0.00 2,693,000.00
Noncurrent Finance Lease Receivables N/A 141,000.00 72,000.00 0.00
Current Assets N/A 26,357,000.00 20,041,000.00 24,241,000.00
Inventories N/A 4,726,000.00 3,813,000.00 4,158,000.00
Current Trade Receivables N/A 6,246,000.00 1,267,000.00 7,898,000.00
Other Current Receivables N/A 3,142,000.00 3,759,000.00 506,000.00
Cash and cash equivalents 19,731,000.00 4,179,000.00 9,855,000.00 11,434,000.00
Other Cash And Cash Equivalents N/A 4,179,000.00 9,855,000.00 N/A
Current Restricted Cash And Cash Equivalents N/A 7,995,000.00 1,278,000.00 196,000.00
Current Finance Lease Receivables N/A 68,000.00 68,000.00 49,000.00
Equity And Liabilities N/A 54,269,000.00 40,162,000.00 42,681,000.00
Equity 15,971,000.00 -7,417,000.00 -2,514,000.00 8,681,000.00
Retained Earnings N/A -77,361,000.00 -72,433,000.00 -61,232,000.00
Other Reserves N/A -1,544,000.00 -1,570,000.00 -1,575,000.00
Liabilities N/A 61,686,000.00 42,677,000.00 33,999,000.00
Noncurrent Liabilities N/A 47,942,000.00 29,629,000.00 19,601,000.00
Noncurrent Provisions N/A 9,625,000.00 4,812,000.00 0.00
Longterm Borrowings N/A 31,816,000.00 24,295,000.00 19,484,000.00
Current Liabilities N/A 13,744,000.00 13,048,000.00 14,398,000.00
Trade And Other Current Payables To Trade Suppliers N/A 1,461,000.00 1,981,000.00 2,928,000.00
Current Tax Liabilities Current N/A 4,035,000.00 3,376,000.00 3,025,000.00
Line item in (usd) 01.01.2020/
01.01.2021
01.01.2021/
01.01.2022
01.01.2022/
01.01.2023
Revenue 24,916,000.00 28,874,000.00 N/A
Revenue From Interest N/A 28,000.00 388,000.00
Other Revenue 5,642,000.00 5,304,000.00 4,751,000.00
Revenue From Contracts With Customers 11,503,000.00 7,634,000.00 13,561,000.00
Employee Benefits Expense 9,818,000.00 3,012,000.00 3,884,000.00
Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss 7,439,000.00 0.00 N/A
Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss 7,439,000.00 0.00 N/A
Profit Loss From Operating Activities -17,728,000.00 9,209,000.00 13,115,000.00
Profit Loss Before Tax -22,715,000.00 5,339,000.00 11,146,000.00
Income Tax Expense Continuing Operations 671,000.00 417,000.00 -46,000.00
Profit (loss) -23,385,000.00 4,922,000.00 11,192,000.00
Line item in (usd) 01.01.2020 01.01.2021 01.01.2022 01.01.2023
Profit (loss) N/A -23,385,000.00 4,922,000.00 11,192,000.00
Adjustments For Finance Costs N/A 4,787,000.00 3,498,000.00 2,730,000.00
Adjustments For Decrease Increase In Inventories N/A 3,536,000.00 913,000.00 -345,000.00
Adjustments For Increase Decrease In Trade Account Payable N/A -6,793,000.00 520,000.00 947,000.00
Adjustments For Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss N/A 7,439,000.00 0.00 0.00
Adjustments For Sharebased Payments N/A 10,000.00 6,000.00 4,000.00
Other Adjustments To Reconcile Profit Loss N/A -21,611,000.00 55,000.00 -1,388,000.00
Cash Flows From Used In Operating Activities N/A -1,850,000.00 23,649,000.00 16,560,000.00
Purchase Of Property Plant And Equipment Classified As Investing Activities N/A 620,000.00 90,000.00 317,000.00
Purchase Of Intangible Assets Classified As Investing Activities N/A 1,134,000.00 2,659,000.00 N/A
Cash Flows From Used In Investing Activities N/A -1,754,000.00 -2,749,000.00 -1,953,000.00
Repayments Of Borrowings Classified As Financing Activities N/A 0.00 6,000,000.00 4,297,000.00
Payments Of Lease Liabilities Classified As Financing Activities N/A 8,043,000.00 6,206,000.00 6,157,000.00
Other Inflows Outflows Of Cash Classified As Financing Activities N/A 208,000.00 28,000.00 N/A
Cash Flows From Used In Financing Activities N/A -11,947,000.00 -15,225,000.00 -13,027,000.00
Increase (decrease) in cash and cash equivalents after effect of exchange rate changes N/A -15,552,000.00 5,676,000.00 1,580,000.00
Cash and cash equivalents 19,731,000.00 4,179,000.00 9,855,000.00 11,434,000.00

Please note that some sums might not add up.

Filings & Publications

2021

Report
Q1
H1
Q3
FY
Consolidated Report
ENG
Corporate Governance Report
Company Presentation
Sustainability Report
Remuneration Report

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Capital markets information

ISIN

NO0010358484

LEI

5967007LIEEXZXI7OG55

Sector

Energy

Industry Group

Energy

Industry

Energy Equipment & Services

Sub-Industry

Oil & Gas Equipment & Services

Listed Stock Exchange

Oslo Børs

Main Stock Exchange

Contact Investor Relations department

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